Shares of Hesai Group (HSAI) jumped nearly 40% on Tuesday morning after the company announced a new exclusive design win with a leading European OEM.
HSAI is currently trading at $22.30, up $6.29 or 39.29%, on the Nasdaq. The stock opened its trading at $18.50 after closing Monday at $16.01. The stock has traded between $3.52 and $22.92 in the past 52-week period.
Hesai Technology, a global leader in lidar technology for automotive mobility and robotics applications, announced a new exclusive design win with a leading European OEM. According to a report from Reuters, German car giant Mercedes-Benz will be developing smart cars using Hesai's Lidar tech.
Hesai will provide advanced ultra-long-range automotive lidars for the OEM's upcoming platform, including both internal combustion engine (ICE) and electric vehicle (EV) models. This multi-year program will last into the next decade, marking it the largest global program for the automotive lidar industry.
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